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To stay competitive in this fast-changing world, organizations constantly need to build innovative business models and optimize processes and workflows. Low-code solutions have emerged as a disruptive force that, along with conventional development tools, is helping businesses transform at speed and scale. No wonder companies are turning to low-code platforms to keep pace with the evolving requirements of the marketplace. In this blog, we’ll discuss how low-code trends that are likely to affect the industry in the days to come.
1. Increasing Demand for Low-Code Platforms
Going by the recent statistics, one can easily recognize the surge in demand for low-code technology. The global market size for low-code development is predicted to touch $46 billion by 2026, as per a recent study by ReportLinker. Though low-code isn’t a novel phenomenon, it has been growing exponentially over the last few years.
The reason behind the rapid growth of low-code is simple. Low-code platforms empower organizations to develop and deploy customized business solutions quickly and cost-efficiently. Low-code grants businesses the capability to devise technology-driven products without denting their budgets.
Instead of manually writing thousands of lines of code, software developers can leverage visual drag-and-drop interfaces to create robust applications in three months or fewer. Compare this to conventional application development, which may take up to a year or even more. Besides, it allows business experts to partake in solution delivery.
2. Democratization of Programming
The last decade witnessed the rise of ‘citizen developers’ or business users with little to no coding experience who are building or enhancing business applications without the involvement of IT. For instance, an e-commerce player can now make changes to their portal without relying on their IT staff. This way, businesses can slash the total cost of ownership as well.
As low-code enables teams to build workflows and processes quickly with just existing code components, it frees programming experts to focus on complex projects. No wonder the low-code market is catching up fast. According to a recent study by Gartner, around 65% of the application development will be done with low-code technologies by 2024.
3. SaaS Solutions Transforming Into Low-Code Platforms
A few years back, if business teams using Slack wanted to streamline workflows, they could only use the applications available in the App Directory. If they needed anything beyond what was already there, they couldn’t have it right away. Of course, they could develop a solution if they had coding experience, or approach their IT teams or an external vendor to do the same; however, this would incur additional expenses.
Several long-established SaaS platforms including Slack, Salesforce, and Teams are incorporating low-code capabilities to enable users to build applications they need to boost performance.
Slack has created Workflow Builder that allows users to develop custom workflows and applications, without requiring them to know how to code. Likewise, Salesforce has come up with low-code tools for its Lightning platform that has enabled Salesforce users to improve their ROI by over 500% in just five years.
As we move into 2024, we’ll see more SaaS platforms embracing a low-code approach, or they may be surpassed by the competition.
4. Effortless Task Automation
Another noteworthy trend to look out for is the increased role of low-code in task automation. The rising prevalence of low-code in the industry is paving the way for automation that can help tackle mundane, repetitive tasks that consume time and resources. Tasks such as reimbursement tracking and time card punching fall into this category.
Automation is especially beneficial for organizations that are reeling under the pressure of finding qualified employees. While task automation can’t replace the workforce entirely, it can help the existing employees work much more efficiently and focus on critical aspects of their job.
For instance, customer service agents can count on low-code to automatically send follow-ups to customers, which means they can spend more time improving customer experience. Also, automation can allow people from less specialized backgrounds to apply for certain positions.
5. Simplified Data Analysis
Data analysis is fundamental to the success of an organization in 2024. Though most businesses strive to be data-driven, getting there is no mean feat. This is primarily because organizations generate large volumes of unstructured data. As per recent stats, around 80-90% of the data in any organization is unstructured. This may be in the form of text, video, social media data, and application logs, making it difficult for teams to utilize them for analysis. Add it to the complexity of creating an AI-ML application. Building advanced AI-ML models involves various time-consuming tasks, including data collection, data cleansing, model training, and more.
Low code can ease data collection, preparation, training, testing, analysis, and more. Low-code platforms can integrate with APIs to aggregate data from different sources; this can enhance the quality of AI-ML algorithms.
Low-code-driven automation can be used to cleanse data to make them suitable for training models. Data scientists can use low-code libraries to train and deploy their solutions. Low-code platforms also provide modules to help users generate advanced visualizations of their data. In short, low-code platforms offer drag-and-drop capabilities that simplify tedious processes for data engineers and democratize AI for business users.
The Final Word
There’s no denying that companies are capitalizing on low-code technology to realize superior business outcomes and gain a competitive advantage. Organizations are building high-performing solutions, such as online learning platforms, and e-commerce marketplaces using low-code drag-and-drop capabilities. As low code continues to transform the information technology space, businesses need to be aware of its limitations. Adhering to low-code best practices and understanding their pros and cons can go a long way in helping organizations implement their vision effectively.
Success Story: How Damco Helped a Fintech Company Transform Talent Acquisition With Low Code?
A Princeton-based FinTech company was looking for an integrated talent management solution to manage end-to-end talent acquisition and eliminate information silos. Damco leveraged low-code technology to help the client build a custom Power Platform solution that streamlined talent management and brought all hiring-related information to one centralized repository.
Read more about this success story, here.
